Berkadia arranged the sale and financing of Avery Place Villas, an apartment community with 172 villas located in Orlando, Florida.
Berkadia South Florida Senior Managing Director Charles Foschini, in association with Managing Director Chris Apone and his South Florida partners, arranged a $21.68 million loan on behalf of borrower Beachwold Residential for the acquisition of the community. Berkadia Managing Director Cole Whitaker and Director Mary Beale, based in Orlando, represented the seller, Massachusetts- based Aspen Square Management, in the $25.05 million sale of the property to Beachwold Residential.
The acquisition was financed with a floating rate, two-year loan through Voya, a correspondent life company of Berkadia. The loan-to-cost for the purchase and upgrades closed at above 80%.
“Voya has been an exceptional correspondent for our firm and a unique tool for our clients,” said Foschini. “Though an asset-based life company, they have a diverse loan base that includes bridge capital, stabilized loans and participating mortgages. When aligned with a strong asset and borrower, they are tough to compete with in any part of the lending spectrum.”
Added Whitaker, “Avery Place Villas was an attractive investment opportunity due to its central location between Downtown Orlando, Orlando International Airport, and east Orlando.”
Located at 5917 Mustang Place, the property is easily accessible via Curry Ford Rd., a major throughway affording a quick route to downtown Orlando. The Orlando market has exhibited strength during the first half of 2017. Job growth has contributed to the area's thriving economy; professional and business services employment was the greatest contributor to overall job growth of 4.7 percent since January 2016. By March of this year, average rent was $1,166 per month and effective rent reached $1,155 per month, a 3.7 percent year-over-year increase.
Berkadia, a joint venture of Berkshire Hathaway and Leucadia National Corporation, is a leader in the commercial real estate industry, offering a robust suite of services to our multifamily and commercial property clients. Through our integrated mortgage banking, investment sales and servicing platform, Berkadia delivers comprehensive real estate solutions for the entire life cycle of our clients’ assets. To learn more about Berkadia, please visit www.berkadia.com.